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I'm getting closer to ordering my C7! I owe $8,347.92 on my current car. It's trade in value should be around $16,000.00. Is it better to payoff my current loan of $8,347.92? Or, not pay it off and use that money towards the down payment? My goal is to put down close to $32,000.00 and go through my credit union.
 

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I think it really doesn't matter, i think it comes down to do you want to get the car now or later? Its appears that it is going to work out the same. Maybe im missing something but if not i don't think one is better than the other because your still going to have the same amount of money either way you go. Be blessed and have a good day.
 

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If you aren't selling it outright paying it off is a waste of time, let the dealer handle the paperwork. Your net cash will be exactly the same.
 

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The end result would be the same.
 

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I would not pay it off. It can take a little time between paying off your car, and getting a clear title. If there is a paperwork snafu, you could be out of the money and not have a lien free title. At least for a few days.
 

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If you are trading in , the value of your current car will reduce your sales tax on the new car if you have sales tax on new cars in your state...tbob
 

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Thanks everyone! I appreciate your help!
 

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Sold my C6 on Craislglist in a week. Got 4K more than I was going to get on a trade in. I was without a Corvette for over a month but it was worth the wait.
 

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I paid off my current Corvette so I would have the title when I sold it since I'm doing courtesy delivery. My credit union held a cashiers check for 9 days (I thought a cashiers check was good as cash ) and then told me it would take 6-8 weeks to get the title. Guess what, I have already sold the car and now waiting on the title. I got them to mail me a loan paid in full letter and when I get it in the next couple of days and can take it and get a new title at the motor vehicles office instead of waiting another 5-7 weeks for the title. The 2015 won't be here for another 6-8 weeks. I'm glad I planned ahead and started this early as when you think it won't take that long....it will.
 
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Discussion Starter #12
I paid off my current Corvette so I would have the title when I sold it since I'm doing courtesy delivery. My credit union held a cashiers check for 9 days (I thought a cashiers check was good as cash ) and then told me it would take 6-8 weeks to get the title. Guess what, I have already sold the car and now waiting on the title. I got them to mail me a loan paid in full letter and when I get it in the next couple of days and can take it and get a new title at the motor vehicles office instead of waiting another 5-7 weeks for the title. The 2015 won't be here for another 6-8 weeks. I'm glad I planned ahead and started this early as when you think it won't take that long....it will.
Wow, I had no idea it would take that long. Milliwatt Rob mentioned this as well. Good planning on your part. Hope it all works out for you!
 

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It should not cost that much interest. It's easier to let the dealer do all the work. If you pay the bank off it could take a while for you to get the title to the dealer.
 

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Sold my C6 on Craislglist in a week. Got 4K more than I was going to get on a trade in. I was without a Corvette for over a month but it was worth the wait.
Awesome!
 

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It should not cost that much interest. It's easier to let the dealer do all the work. If you pay the bank off it could take a while for you to get the title to the dealer.
Good advice - based on what I am learning today. Thanks!
 

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If you have a carmax near you it could be a great option. They'll usually give you blue book value for your vehicle if they buy it. For example, I sold my wife's infinity prior to buying her BMW. Carmax gave me a great deal. Loan was paid off and I still had cash for the BMW down payment
 
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